Your Wednesday Market Blip 8/24/16

Your Wednesday Market Blip 8/24/16

Stocks fell today with traders taking a cautious approach heading into the outcome of the Federal Reserve meeting in Jackson Hole. The Dow fell 65 points to close at 18,481. Trading volume was higher suggesting that the big boys are taking chips off the table.
Shares of Starbucks were higher today when an exasperated judge in California threw out a suit against the coffee chain accusing it of using too much ice in its iced tea and coffee drinks. The judge, Percy Anderson, must have thought “all my years in law school and on the bench and this is what I have to deal with?” Judge Anderson stated that if a child could figure out that an ice cube in a cold beverage decreases the amount of liquid then so could a reasonable adult. Maybe we should nominate this guy for the Supreme Court as he sounds like a reasonable fellow.
The Federal Housing agency announced a June home price increase of 0.2%. This was lower than expected and could reflect a period of more modest price appreciation. The report showed that 5.5 million single family homes and condos changed hands in the second quarter up 4.2% a year earlier. Demand for housing outstripped supply as the pool of available properties for sale fell 5.8% to 2.12 million homes. Home values rose the most in Oregon with an 11.7% gain followed by Washington State at 10.3% and Colorado at 10.2%.
Gold traded lower thanks to a rising US dollar. The thinking is that Janet Yellen might signal rates hikes in the near future which could boost the dollar and pressure gold prices. Gold closed the day off $18.60 an ounce to $1,327. It is currently testing support levels.